I recently found a new platform called CROWDESTOR. It’s a brand new crowdfunding platform based in Tallinn, Estonia.
Their first project was launched on 2018/02/14 and features a TESLA TAXI Park in Riga. Loan term is 12 months and interest payouts of 17% will be made on the 5th every month. Principal invested will be returned after 12 months.
You can read a lot more about the project here
Crowdestor already announced their second project which is a 5 story building in Riga, Latvia. The project will open for funding in 45 days. It has a similar loan period of 12 months and interest rate is 15%.
Is Crowdestor a good company?
To be honest, I haven’t got a clue. It’s a lot more risky to invest in new companies; They don’t have a proven track record and no one knows if they will be profitable in the future.
It’s difficult and very time consuming to investigate and understand every detail of a company. So I have a different and more simple approach; I ask their key employees a lot of questions and look to see if the answers they provide are kind and proffessional. The attitude of the company’s representatives tells me more about the company than a 50 page blue print.
I have been mailing back and forth with Gunars Udris who is responsible for Product & Services at Crowdestor. He has been very responsive and answered all my questions promptly. To me, that’s very important when I consider investing in a new company. If I like conversation I’ll invest. Simple as that. Maybe I’m naive, but my intuition has served me well so far.
Web page and sign up process
It’s clear that they just started out recently. Some English grammar mistakes can still be found, certain popups can’t be closed if you press the X in the right side corner etc. However, I’m quite sure those things will be corrected soon. Loan agreements are generated in a proffessional way and that’s the most important part. The basics work.
It was very easy to sign up. You can create a new account or you can connect through Facebook or you Google account.
After registration you will be asked to fill in your personal information, bank account details and upload your personal verification document. Finally you select a PIN code that will be used to confirm your transactions. When those steps are done you’ll have to wait for your account to be verified. Mine was verified within a couple of hours.
Transferring money with TransferWise
International transfers can take 2-3 days to arrive if you transfer through your regular bank account. This time I didn’t want to be late to the party! Last month I missed a good opportunity on Crowdestate because my payment was late.
I created a TransferWise account and paid the transfer with my credit card 17:55 in the afternoon. 05:11 in the morning I got a confirmation from Crowdestor that my deposit had been credited to my account. That is lightning fast! And the fees were very similar to what I normally pay. I’ll definitely use TransferWise again next time I make an international transfer. Great service!
When your money arrives you can see them in your account overview.
To sum up everything above, I can confirm that the process works so far.
- Account registration is fast and easy
- Funds are credited to your account automatically
- Investing in a project is easy using your PIN
- Loan documents are created correctly and look very professional
- The people behind Crowdestor are very responsive to emails and kindly reply to all questions asked
However, It’s way too early to conclude anything yet. Crowdestor is a brand new company that will have to prove themselves over the coming years. I’m exited to be a part of the journey.
This post will be updated when the first interest payments from my TESLA TAXI Park Riga investment has arrived. I have a good feeling about Crowdestor, I hope they don’t disappoint.